Article0Substack / May 295 Better-for-You Retail Chain Ideas Worth Exploring in IndonesiaA structured look at the retail formats we believe are worth exploring, combining market logic, consumer behavior, and our personal conviction.Operator-led analysis, app-only notes, and curated ecosystem opportunities.
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NoteThe Verge / Aug 1
OpenReports circulated that Nothing was preparing to exit 12 international markets and cut a large share of its workforce. Nothing rejected the market-exit claim. Co-founder Akis Evangelidis said: - Nothing is not shutting down any markets - Individual country operations are being consolidated into regional hubs - Certain positions have been affected - The reported job-cut numbers were overstated - A dedicated AI-native business unit is being created He also disputed claims of weak Phone 4B demand, saying the device sold 29,537 units on its first day and set a record within its price segment. The restructuring comes as rising component costs place pressure on the midrange smartphone category. Nothing has also said that CMF will not launch a new phone this year due to component constraints, while CEO Carl Pei has highlighted significant increases in memory costs.
NoteDealStreetAsia / Jul 31
OpenKargo Technologies reportedly raised up to US$7 million through a convertible-note bridge round. The financing was led by existing investor AC Ventures, with Cathay Venture joining as a new backer. The funds are intended to support the expansion of Kargo’s electric-vehicle-as-a-service operations. Kargo’s EV proposition is broader than vehicle rental. The company has described an offering that can include: - Electric commercial vehicles - Charging support - Fleet-management software - Route and fulfilment services - Carbon reporting - Operational support The company and its investors have also reported materially lower operating costs from selected EV deployments, although these results should be treated as company-reported proof points rather than independent fleet-wide validation.
NoteFore Coffee / Jul 30
OpenFore Coffee reported that first-half 2026 revenue surpassed Rp1 trillion. The company also reported: - 65% year-on-year EBITDA growth - 34% year-on-year net-profit growth - Continued expansion of Fore Coffee - Further development of Fore Donut as a second consumer-facing brand The results represent an important early checkpoint following Fore’s IPO. Public investors now have more operating evidence to assess whether the growth narrative presented around the listing is translating into results.
Jul 29
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NoteChick-fil-A Singapore / Jul 29
OpenChick-fil-A will open its second Singapore restaurant at Millenia Walk on 30 July 2026. The location follows the company’s first Asian restaurant at Bugis+, which opened in December 2025. The expansion is part of Chick-fil-A’s stated US$75 million, ten-year investment in Singapore and the wider region. The new Millenia Walk restaurant will be operated by Singapore F&B professional Deborah Ku, while the first Bugis+ outlet is run by a different local owner-operator. Chick-fil-A’s Singapore restaurants follow the company’s established practice of closing on Sundays and using locally based owner-operators who work directly within their communities.
NoteIndonesia Stock Exchange e-IPO / Jul 28
OpenRANS Entertainment completed its IPO and listed on the Indonesia Stock Exchange on 10 July 2026. The company offered 2.525 billion shares, representing 20.02% of its enlarged capital, at an offer price of Rp170 per share, raising approximately Rp429 billion. RANS reported FY2025 revenue of approximately Rp353.4 billion, down 13.9% year on year, while net profit declined by 41.6% to around Rp56.7 billion. According to research based on the prospectus, IPO proceeds were expected to support debt repayment and growth initiatives including Cipungland, concert expansion, AI-related ventures, and strategic acquisitions.
